Internal Revenue Bulletin No. 1992-52

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SPECIAL ANNOUNCEMENTS

Announcement 92-183
A public hearing will be held on February 17, 1993, on proposed
regulations relating to the treatment of modifications of debt instruments as realization
events.

Announcement 92-184
A public hearing will be held on April 28, 1993, on proposed
regulations relating to the tax imposed on S corporations under section 1374 of the Code.

INCOME TAX

Rev. Rul. 92-109
Individual lost U.S. citizenship; subsequently citizenship
retroactively restored. Guidance is provided to several categories of individuals who have
failed to file past years' federal income and gift tax returns, including individuals who
lost their U.S. citizenship and subsequently had (or have) that citizenship retroactively
restored.

Rev. Rul. 92-110
Interest rates; underpayments and overpayments. The rate of interest
determined under section 6621 of the Code for the calendar quarter beginning January 1,
1993, will be 6 percent for overpayments, 7 percent for underpayments, and 9 percent for
large corporate underpayments.

Rev. Rul. 92-111
Disaster areas list for 1992. This ruling lists the areas declared
by the President to qualify as major disaster areas for calendar year 1992 under the
Disaster Relief and Emergency Assistance Act.

T.D. 8451
Temporary and final regulations under sections 62, 162, and 274 of
the Code relate to employee business reimbursements and other expense arrangements.

CO-80-87
Proposed regulations under section 1374 of the Code relate to tax
imposed on S corporations.

FI-31-92
Proposed regulations under section 1001 of the Code relate to
treatment of modifications of debt instruments as realization events.

EMPLOYEE PLANS

Announcement 92-182
Copies of examination guidelines pertaining to prohibited
transactions requirements and the plan asset valuation rules are now available from the
Service.

EXCISE TAXES

Notice 92-61
This notice provides certain changes to excise taxes.

ADMINISTRATIVE

Rev. Proc. 92-101
Existing publicly traded partnerships; safe harbor. The Service
provides certain existing publicly traded partnerships a safe harbor for determining
whether a new business activity is closely related to a pre-existing line of business
under section 1.7704-2(d) of the regulations.

Rev. Proc. 92-102
Income tax cost-of-living adjustments for tax years beginning in
1993. The Service provides cost-of-living adjustment factors and their application to the
tax rate tables for individuals and for estates and trusts, the standard deduction
amounts, the personal exemption, and several other items, including the maximum amount of
a "low cost article" and the "insubstantial benefit" guidelines for
calendar year 1993 charitable fund-raising endeavors. Rev. Proc. 90-12 modified.

Rev. Proc. 92-103
Precious metals; excepted sales; returns of brokers. This procedure
provides that no return of information is required under section 6045 of the Code for
certain sales of precious metals that are identified in this procedure as "excepted
sales" for purposes of section 1.6045-1(c)(3)(ii) of the regulations.

Rev. Proc. 92-104
Optional standard mileage rates. This procedure announces 28 cents a
mile as the optional rate for deducting or accounting for expenses for business use of an
automobile for 1993, and provides rules for substantiating the deductible expenses of
using an automobile for business, moving, medical, or charitable purposes. Rev. Proc.
91-67 superseded.

Notice 92-60
Final regulations under section 6050H of the Code will provide
information reporting requirements for reimbursements of mortgage interest.

This directive under the Bank Secrecy Act delegates to the Commissioner of Internal
Revenue authority necessary to carry out the Department of the Treasury responsibilities.

Announcement 92-185
IA-20-92, 1992-43 I.R.B. 27, relating to governing the practice of
individuals before the Service, is corrected.

Announcement 92-186
A list of corrections to Section I-B of Publication 1212, List of
Original Issue Discount Instruments (Rev. November 92), is given.

Announcement 92-187
This announcement corrects Announcement 92-161, 1992-46 I.R.B. 41,
relating to substitute form requirements for the 1993 Form W-2.